Coin Collector’s Licence, Please!

[silenceissilver]

18 hours ago, Stuntman said:

If citizens were forced to surrender their gold, I'd be selling it to a bullion dealer as scrap for as close to spot as I could get, rather than sell to the Government.

How can they force you. You have buried it but unfortunately forgotten where. 😉

[LawrenceChard]

19 minutes ago, silenceissilver said:

You can still buy larger amounts in cash, there is no limit on it BUT you need an ID and God knows what other paper work, if you buy over 2.000 Euros, in cash. Till the end of last year this limit was 10.000. Till about 2 years ago it was 15.000.

If you buy via bank transfer in Germany you don't need an ID over 2.000 as there money would be within the "clean money circulation" already. Well, it doesn't really make a big difference, does it.

The governments know hyperinflation is coming and they don't want people to be able to protect themselves but rather have us dependent on them. Of cource the offical reason is to prevent money laundering but that's BS. I would need to search for it now, but there is a study out there showing money laundering is hardly done with gold at all, it's miniscule percentages, much, much more is done via - bank transfers

Thanks, yes you are quite right, I should have remembered that detail about the ID and the €2000 limit.

My wife does our money laundering. she throws all our "change" coins into a bowl of diluted bleach, and leaves it there for days, quite sensibly.

My pedantic other self is now going to say "did you mean minuscule?"

[silenceissilver]

1 hour ago, LawrenceChard said:

My pedantic other self is now going to say "did you mean minuscule?"

Yes

[LawrenceChard]

5 minutes ago, silenceissilver said:

Yes

Some years ago, a spell-checker highlighted "miniscule", and I thought "stupid American software", so I checked it out. The opposite is "MAJUSCULE" meaning upper case, as minuscule means lower case type or print. both words are from French. It is one of the most commonly mis-spelt words on a percentage basis.

[sovereignsteve]

On 17/04/2020 at 19:27, LawrenceChard said:

Ah, the old page I was looking for got ported over to our new site:

https://www.chards.co.uk/blog/uk-gold-bullion-market-since-1964/254
Although I think a few edits got added.

Interesting page.

You mention when gold attracted VAT and then you were able to simply charge the tax on the dealer's margin. Was it ever the case that silver was treated the same?

I suppose prior to the 1980s, silver bullion coins weren't available, just bars. Would that be correct?

[LawrenceChard]

14 hours ago, sovereignsteve said:

Interesting page.

You mention when gold attracted VAT and then you were able to simply charge the tax on the dealer's margin. Was it ever the case that silver was treated the same?

I suppose prior to the 1980s, silver bullion coins weren't available, just bars. Would that be correct?

From the introduction of VAT, there were margin schemes, one was for antiques, defined as almost anything at least 100 years old, and one for cars.
We were able to use the antique scheme, but only for stuff at least 100 years old. the metal used did not matter.
There were almost zero silver bars on the UK secondary market back then, and the nearest thing to a silver bullion coin was the 1780 dated (restrike) Austrian Maria Theresa Thaler.

I was trying to think what was the first modern one ounce bullion coin, but gave up and Googled it, the Mexican Una Onza of 1949, followed by a silver Libertad series.

Our arrangement with HMRC could theoretically have included othr coins includng silver, but it was administratively cumbersome, and each coin sale and purchase had to be married up. We could not own the coins in the meantime, but would usually make a 99% advance payment. Technically the seller remained liable for any loss due to gold price drops, but we would never have asked them to compensate us if we incurred such loss, but it was a technical legal requirement. The cost of the extra admin work would have outweighed any benefit on lower priced coins.

[AndyS]

If you were to compare the situation before is it so that now there is a clear distinction between overtly collectible items with limited mintages  e.g. proofs on one hand and bullion products on the other ...

if you were to advise HMRC or the treasury on guidelines for issuing a Collector‘a License, what would suggest?

[HawkHybrid]

On 18/04/2020 at 08:56, SilverPirate007 said:

Haha, my PM is held in a very secure location away from my home. The government have zero chance of finding it or making me tell them where it is. I also agree with the Americans that a man has a right to defend his home.

 

it's never as clear cut as that as the government is unlikely to use force

to confiscate wealth. let's say if we were to enter a truly historic time of

crisis and that the government then came out with a modern kitchener

campaign. would you willingly give up part of your wealth for the nation

during a time of need? I believe many on the forum would, just as many

have donated to charity to help those less fortunate than themselves.

let's hope it doesn't come to having to make that choice.

 

HH

[SilverPirate007]

1 minute ago, HawkHybrid said:

 

it's never as clear cut as that as the government is unlikely to use force

to confiscate wealth. let's say if we were to enter a truly historic time of

crisis and that the government then came out with a modern kitchener

campaign. would you willingly give up part of your wealth for the nation

during a time of need? I believe many on the forum would, just as many

have donated to charity to help those less fortunate than themselves.

let's hope it doesn't come to having to make that choice.

 

HH

In a word HawkHybrid, no I wouldn't. I have contributed a significant amount of time, pain and health for the nation. There is zero chance they are getting my PM

[HawkHybrid]

48 minutes ago, SilverPirate007 said:

In a word HawkHybrid, no I wouldn't. I have contributed a significant amount of time, pain and health for the nation. There is zero chance they are getting my PM

 

it was never about how much you've already contributed to the nation.

many of those who gave up their sovereigns in the days would have

already paid all of their taxes due in order to acquire those sovereigns.

they willingly paid more than their fair share because it came at a time

when they were able to. it comes down to asking if people are willing to

over pay and those that refuse have acted well within their rights.

 

HH

[SilverPirate007]

4 minutes ago, HawkHybrid said:

 

it was never about how much you've already contributed to the nation.

many of those who gave up their sovereigns in the days would have

already paid all of their taxes due in order to acquire those sovereigns.

they willingly paid more than their fair share because it came at a time

when they were able to. it comes down to asking if people are willing to

over pay and those that refuse have acted well within their rights.

 

HH

Sure, well happy to support those willing to do that. No one is getting mine though.

[Seasider]

From those according to their means, to those according to their needs.

Comrades.